Reuters exclusively reports China to order Tencent to give up exclusive rights to music labels

Reuters reported exclusively that China’s antitrust regulator is set to order the music streaming arm of Tencent Holdings Ltd to give up exclusive rights to music labels which it has used to compete with smaller rivals. The State Administration of Market Regulation will also fine it 500,000 yuan ($77,150) for lapses in reporting the acquisitions of apps Kuwo and Kugou, two people with knowledge of the matter told Reuters – a milder penalty than the forced sale indicated earlier this year.